{"id":90462,"date":"2024-04-07T00:10:40","date_gmt":"2024-04-07T04:10:40","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90462"},"modified":"2024-04-07T00:10:41","modified_gmt":"2024-04-07T04:10:41","slug":"web3-quests-aim-to-drive-fan-engagement-at-real-life-events-and-online","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90462","title":{"rendered":"Web3 Quests Aim To Drive Fan Engagement At Real Life Events and Online"},"content":{"rendered":"
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The crypto bull market may be driving a renewed interest in <\/span>non-fungible tokens (NFTs)<\/span>.\u00a0<\/span><\/p>\n

According to DappRadar, the NFT sector has seen <\/span>a 50% surge in trading volume<\/span> for the first quarter of this year, generating $3.9 billion in revenue. These findings indicate this has been the strongest quarter for NFTs since Q1 2023.\u00a0<\/span><\/p>\n

NFT hype is also sparking mainstream interest. Web3 quests in particular are gaining traction, as these interactive games are being implemented at different events this year.\u00a0<\/span><\/p>\n

Quests Drive Engagement Using Web3 Elements<\/b><\/h2>\n

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A <\/span>blog post<\/span> from growth platform Intract explains that Web3 quests blend gaming elements with digital assets. This may create better user engagementsince a game\u2019s narrative is told while digital assets are earned as rewards.\u00a0<\/span><\/p>\n

Although this is a fairly new concept, the popular music festival <\/span>Coachella recently announced \u201cCoachella Quests<\/span>.\u201d This is a loyalty game powered by the <\/span>smart contact platform Avalanche<\/span> that rewards festival-goers for participating in different Coachella experiences.\u00a0<\/span><\/p>\n

Paul Chodirker, Director of Enterprise Business Development for Ava Labs, told Cryptonews that the goal behind Coachella Quests is to increase and amplify digital participation.\u00a0<\/span><\/p>\n

\u201cWe want to bridge the digital world with the physical,\u201d said Chodirker. \u201cWe believe Coachella is at the nexus of this hybrid, in-real-life experience.\u201d<\/span><\/p>\n

Chodirker explained that Coachella Quests allow fans to complete on-site and virtual challenges. Once tasks are completed, fans will earn \u201cdigital stamps, \u201d NFTs. Users will also earn token points called \u201cXP,\u201d which can unlock exclusive prizes and festival experiences.<\/span><\/p>\n

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Coachella Quests unlocks a new way for fans to experience the festival, powered by Avalanche \ud83c\udfa1<\/p>\n

Quests allows fans to gamify their festival experience and earn rewards by engaging with digital and physical @Coachella<\/a> touchpoints, including innovative art, games, and immersive\u2026 pic.twitter.com\/4guzD2v0aY<\/a><\/p>\n

\u2014 Avalanche \ud83d\udd3a (@avax) April 3, 2024<\/a><\/p>\n<\/blockquote>\n

\u201cThere will be an in-person activation taking place at a special Avalanche\/Coachella Quests Hideaway, which is open to all festival-goers,\u201d said Chodirker. \u201cRewards can be redeemed at the Hideaway, where users can onboard and view interactive digital art installations. This will also serve as a hub for information and meet-ups.\u201d\u00a0<\/span><\/p>\n

Chodirker added that the XP points are tokens that will be stored in a custodial wallet. He explained that users can sign in to the wallet with a familiar social login feature.\u00a0<\/span><\/p>\n

\u201cThe product was designed to create a seamless user experience on the front end that web2 consumers are accustomed to while utilizing blockchain on the backend to authenticate, and provide ownership of the digital items,\u201d he explained.\u00a0<\/span><\/p>\n

While this may be, Web3 quests are already being embraced by crypto natives. Dylan Abruscato, Founder of Crypto: The Game, told Cryptonews that it\u2019s a 10-day crypto survival game, inspired by Survivor, The Hunger Games, and Squid Game.\u00a0<\/span><\/p>\n

Abruscato explained that while <\/span>Crypto: The Game<\/span><\/i> isn\u2019t a quest in itself, it consists of daily immunity challenges.\u00a0<\/span><\/p>\n

\u201cThese challenges range from competing in arcade games to participating in digital scavenger hunts, introducing in-game challenges, or quests,\u201d he said.<\/span><\/p>\n

Abruscato shared that Season 2 of <\/span>Crypto: The Game <\/span><\/i>will begin on April 8 and is powered by <\/span>Base, the Ethereum Layer-2 incubated by Coinbase.<\/span> The new season was inspired by the success of the first season of <\/span>Crypto: The Game<\/span><\/i>, which attracted 410 players.<\/span>\u00a0<\/span><\/p>\n

\u201cA Japan-based player known as \u2018<\/span>MFL<\/span><\/a>\u2019 won the grand prize pot of 41 ETH, and was revered by his tribemates for the poetry he shared each morning,\u201d said Abruscato.\u00a0<\/span><\/p>\n

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Onchain Spotlight \ud83d\udd06 Crypto: The Game<\/p>\n

Season 2 of @cryptothegame_<\/a> is back in action on @base<\/a> and the stakes are higher than ever. <\/p>\n

Many will play, but only one will win. pic.twitter.com\/B6LbEup8yc<\/a><\/p>\n

\u2014 Coinbase Wallet \ud83d\udee1\ufe0f (@CoinbaseWallet) April 3, 2024<\/a><\/p>\n<\/blockquote>\n

Web3 Quests Enable On-Chain Data Collection<\/b><\/h2>\n

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While Web3 quests may result in better fan engagement, it\u2019s important to point out that user data is not collected.\u00a0<\/span><\/p>\n

Sam Schoonover, Innovation Lead for Coachella, told Cryptonews that, \u201cno personal data is being collected by Coachella for this program.\u201d\u00a0<\/span><\/p>\n

He added that, \u201cCoachella is able to get information about quests completed and general interest around certain activities by viewing on-chain stamp distribution.\u201d<\/span><\/p>\n

This may be one of the most beneficial aspects of incorporating Web3 quests at major events. For instance, VICE reported in 2017 that <\/span>Coachella experienced a data breach<\/span> that impacted 950,000 user accounts. The data compromised included email addresses, usernames and hashed passwords. All of this information was sold on the dark web.\u00a0<\/span><\/p>\n

Being able to drive fan engagement, while only having access to on-chain data from NFTs can help protect a user\u2019s personal information.\u00a0<\/span><\/p>\n

Abruscato noted that during season 1 of <\/span>Crypto: The Game <\/span><\/i>players were only identified by their social media X handles. He shared that season 2 will allow anonymous play through an NFT minting mechanism.\u00a0<\/span><\/p>\n

\u201cPlayers mint an NFT to secure a spot in the game, which can be sold at any time, enabling spectators and former players to buy in,\u201d he said. \u201cThis unique crypto mechanic creates a dynamic in-game economy.\u201d<\/span><\/p>\n

Challenges May Hamper Mainstream Adoption<\/b><\/h2>\n

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Valentina Lauria, Business Development and Partnership Lead at Web3 membership platform Unlock Protocol, told Cryptonews that quests are undoubtedly becoming a popular tool to incorporate during events.\u00a0<\/span><\/p>\n

\u201cUnlock had a big presence at ETH Denver and quests were a huge part of driving engagement during the event,\u201d Lauria said.\u00a0<\/span><\/p>\n

She added that using <\/span>tokens as rewards tends to drive engagement.<\/span>\u00a0<\/span><\/p>\n

\u201cEvent attendees will often want to collect as many rewards as possible,\u201d she said. \u201cEven if the rewards have no financial worth, rewards could certainly become more valuable in the future.\u201d<\/span><\/p>\n

Lauria noted that incorporating quests into events can be challenging, however.\u00a0<\/span><\/p>\n

\u201cMaking these tools as easy to use for newcomers as possible while still leveraging Web3 technology is the real challenge,\u201d she said.\u00a0<\/span><\/p>\n

While this may be easy enough for a Web3 audience, non-crypto natives may struggle with quests.\u00a0<\/span><\/p>\n

Yet Schoonover is optimistic that Coachella Quests will appeal to the mainstream.<\/span><\/p>\n

According to Schoonover, Coachella is abstracting away from the Web3 technology portion, and rather focusing on creating a fun and engaging experience.\u00a0<\/span><\/p>\n

\u201cWe don\u2019t believe that fans need to know or even care about the technology that they\u2019re using,\u201d he said. \u201cAs long as it solves a problem or makes their lives better, they will try it out.\u201d<\/span><\/p>\n

This may also be why Coachella refers to its quest NFT as \u201cstamps.\u201d Chris Castiglione, Co-founder of Web3 events platform Console.xyz, told Cryptonews that while there are mainstream use cases for NFTs, the terminology does not need to be mentioned.<\/span><\/p>\n

\u201cIn five years, I don\u2019t believe anyone will be saying the word \u2018NFT\u2019 anymore,\u201dsaid Castiglione. \u201cYet, I think NFTs (the technology) will be ingrained into many of the apps we use; they\u2019ll just be invisible.When technology becomes invisible, that\u2019s when it\u2019s most successful.\u201d<\/span><\/p>\n

Coachella Aims To Expand Its Web3 Footprint\u00a0<\/b><\/h2>\n

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Interestingly, Coachella <\/span>partnered with NFT marketplace OpenSea<\/span> this year to offer fans non-fungible token keepsakes.\u00a0<\/span><\/p>\n

\u201cCoachella Keepsakes are NFTS that come with festival tickets and exclusive onsite and online benefits,\u201d said Schoonover.\u00a0<\/span><\/p>\n

Devin Finzer, CEO of OpenSea, told Cryptonews that the platform\u2019s collaboration with Coachella remains ongoing.\u00a0\u00a0<\/span><\/p>\n

\u201cThe collaboration between the parties is ongoing, as we seek to reimagine how ticketing, festival access, and music fandom in general can be further enhanced through the use of NFT technology,\u201d he said. \u201cIn the immediate term, another Keepsakes offering connected to special merch access from Coachella is planned for mid-April.\u201d<\/span><\/p>\n<\/p><\/div>\n